Read with Bruegel: The Crisis of Democratic Capitalism
The Sound of Economics
The Importance of Individualism in Liberal Democracies
When you look around the world, it seems to me that the demagogues and the oligarchs are at it against democracy in many, many countries. The result is an increasing fragility of the basic, crucial and very difficult norms that make a liberal democracy work. But the liberal democracy is not, as James Madison said, the same thing as the majoritarian rule. It's a complicated web in which the majority chooses the rulers. And when those things go, you might have similar lack of democracy, but it's not a real thing.
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